PNC: 2024 Home Equity Review

Benefits

• With a HELOC from PNC, there’s no minimum draw amount, and you can borrow up to 89.9 percent of the value of your home depending on where you live (in some states, you can only borrow up to 80 percent or 85 percent).
• You might be able to convert all or some (at least $5,000) of a PNC variable-rate HELOC to a fixed rate for a $100 fee. The same fee applies if you convert from a fixed to a variable rate, but it’ll be waived if you convert at the onset of the draw period.

Drawbacks

• Although PNC operates across the U.S., its HELOC product isn’t available in every state.
• The bank’s HELOC terms can vary based on where you live.

Home equity loan products offered

PNC Bank offers home equity lines of credit (HELOCs). Well-qualified borrowers in many states can obtain a line of up to 89.9 percent of their home’s value. (Borrowers in certain states might only qualify for a line up to 80 percent or 85 percent.) The interest rate on the HELOC is variable; however, you can convert this to a more predictable fixed-rate option, with a repayment term of five years to 30 years, for a fee. To be eligible for this option, you’ll need to convert at least $5,000 of the balance to the fixed rate.

Like HELOCs from other lenders, the draw period for a HELOC from PNC is 10 years and the repayment term lasts up to 30. You’ll need to make principal and interest payments, although you might be eligible for interest-only payments depending on your credit.

Regardless of whether your PNC HELOC has a variable or fixed rate, your APR won’t go any higher than 24 percent or any lower than 2.25 percent.

Types of fees charged

PNC charges a $50 annual fee on HELOCs. If you decide to convert some of your HELOC to a fixed rate at a later date, the bank charges a $100 fee. You won’t have to pay this fee if you convert to the fixed rate when you initially obtain the line of credit, however.

How to qualify for a HELOC with PNC Bank

As with any home equity or mortgage product, you’ll need sufficient credit, equity and income to qualify. Keep in mind: PNC doesn’t offer HELOCs to borrowers in Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota.

How to apply with PNC Bank

When you’re ready to apply for a HELOC with PNC, you can do so online, at a local branch or by calling 855-762-9545. Representatives are available Monday through Friday, 8 a.m. to 9 p.m. ET, and Saturday and Sunday, 8 a.m. to 5 p.m. ET.

How Bankrate scored PNC Bank

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.